Bayer intends to broaden its portfolio in the field of contraception. Thus, Bayer HealthCare has signed a merger agreement with Conceptus, the California, U.S., based developer of the Essure procedure, the leading non-surgical permanent birth control method, which is sold in the United States and other countries.

With this acquisition, Bayer will be able to offer a complete range of short-term, long-term and permanent contraceptive choices for women. Within the next ten business days, Bayer will launch a public tender offer to acquire all shares in Conceptus.

The transaction values Conceptus at approx. $1.1 billion (approx. €852 million) representing $31.00 per share in cash. Closing is subject to customary conditions, in particular anti-trust approval in the U.S., and is expected by mid-year 2013.

Conceptus generated net sales of $141 million (approx. €110 million) for its fiscal year 2012. Adjusted EBITDA for 2012 was $28.2 million (approx. €22.0 million). Headquartered in Mountain View, California, the company employs approx. 300 people.